Impact Of Using Data Analysis For Online Businesses

Impacts of Using Data Analysis for Online Businesses A Thesis Presented to The University of Reading Han Yao July, 2016 Thesis Statement This thesis aims to better understand data and its impacts on online business marketing strategies. By evaluating the data you can develop new marketing strategies such as: real-time pricing, price optimization, personalised product or service suggestions, cross selling, as well as improving the shoppers experience while improving the bottom line. By studying the positive and negative impacts of data on an online business, one can better understand where their marketing should focus. Taking into account all information given through data analysis gives the business the tools for a†¦show more content†¦However, customers are extremely concerned about privacy and secure issue due to they need to fill out the personal and credit card information in the progress of online shopping. But in all, online shopping is an inevitable trend and it is believed that the market of online shopping will keep growing in the future. What is the definition of big data? What the difference between big data and data? Figuring out these two questions can help us to comprehend big data in depth. Big data has been defined as the data that is too big to be analyzed by traditional methods. Generally speaking, there are five characteristics for big data: data volume, data variety, data velocity, data variability, and data complexity, which were also known as the five dimensions for big data.3 Data volume means that the measurement of the units of data storage. Data variety indicates the diverse forms of data. Data velocity has been defined as the velocity of data producing and processing. Data variability means that the data flow could be inconsistent. Data complexity indicates that the data is hard to analyze. Also, the five dimensions of big data can be seen as the differences between big data and data. Figure 1.13 shows the dimension diagram for big data. Figure 1.1 Dimension diagram for big data Reproduced from reference 3 No matter if you are looking at data or big data, it is no value without analysis. So if managers really want to use big data to create